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tmstewart3

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Divorce then Bankruptcy
2010 divorced. Decree he gets under-construction house, I get my house, to be held harmless on his loan (I co-signed and my property collateral). He went into foreclosure, which bank came to me to foreclose, attorneys advised bankruptcy. Ch 13 backfired - I held liable for 46K on his property. Fighting as contempt of court for 4 years to date. His making 30-60-90 days late payments keeps me below 550 score. Any process known to 1) remove late payments that were his responsibility? 2) How long before late payments to closed accounts go away? Just want to move on with my life. Anyone experience anything similar?

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The problem with the courts awarding debts is that they don't always work the way they are supposed to.   What you should have done and what every couple going through divorce should ensure is that all debts are properly adjusted immediately.   He would have had to refinance his construction loan to pay it off and renew it with his name only.   This should have been dealt with immediately through the court if he had not completed this timely.   As you co-signed for the loan and was not a co-borrower, the debt was not due until he defaulted.  When you co-sign, you don't actually get the benefits of payments on a loan, the debt defaulted and the firm would go after the co-signer for the full amount, paid in full that date.   One should NEVER co-sign unless you are in a position to monitor the payments and make them yourself to keep them from default and to be able to accept the full and complete debt and make payment.  

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